The Canadian Bitcoin (BTC) mining agency Bitfarms is dealing with compliance challenges over its itemizing on Nasdaq because of the ongoing cryptocurrency winter.
Bitfarms received a warning notification from Nasdaq on Dec. 13 as a result of the corporate’s share worth has stayed beneath $1 for 30 consecutive working days.
Saying the information on Dec. 14, Bitfarms mentioned that it has an preliminary interval of 180 calendar days to regain compliance with the necessities from Nasdaq.
To be able to regain compliance, Bitfarms’ shares ought to shut at $1 per share for a minimal interval of 10 consecutive days at any time earlier than June 12, 2023. In such an occasion, the Nasdaq employees will present written notification to Bitfarms that it has achieved compliance, the announcement notes.
The 180-day interval is just not the ultimate restrict, nonetheless. Bitfarms famous that it’s going to have an opportunity to increase the compliance interval additional even after June 12, stating:
“If the corporate doesn’t regain compliance with Rule 5550(a)(2) by June 12, 2023, the corporate could also be eligible for an extra 180 calendar day compliance interval.”
The corporate confused that the Nasdaq letter is simply a notification and has no fast impact on the itemizing or buying and selling because the Bitfarms shares (BITF) will proceed to commerce on the trade.
Bitfarms additionally famous that the corporate stays to be listed on the Toronto Inventory Alternate and the newest discover from Nasdaq has no influence on the agency’s compliance standing with such itemizing or its enterprise operations.
As beforehand reported by Cointelegraph, Bitfarms debuted inventory buying and selling on Nasdaq in June 2021, only a few months after going public on the Toronto Inventory Alternate in April.
After reaching an all-time excessive at roughly $6 in December 2021, the Bitfarms inventory has been steadily promoting out on Nasdaq, in step with the continued cryptocurrency bear market.
Associated: BTC issue drops by the largest margin since 2021
In keeping with knowledge from TradingView, Bitfarms’ shares dropped beneath $1 in late October 2022 and haven’t retested the $1 worth mark since. Bitfarms’ inventory closed at $0.54 on Dec. 13, seeing a 7.6% enhance over the day.
Bitfarms is one in every of many cryptocurrency mining firms dealing with main points because of the ongoing disaster available in the market. In June, the agency was compelled to promote about $62 million value of self-mined Bitcoin with the intention to scale back its debt. A variety of different mining corporations, together with Argo Blockchain, Core Scientific and Riot Blockchain, additionally opted to promote their Bitcoin amid powerful market situations.
On Dec. 12, Argo Blockchain mentioned that it has been contemplating promoting its property with the intention to keep away from submitting for chapter.
